First City Monument Bank Limited says it has commenced commercial banking operations at its London subsidiary, FCMB (UK) Limited.
The new business outlay follows approval by the regulatory authorities in late 2013 to begin wholesale deposit taking for businesses and corporate organisations.
These activities, according to the bank, represent an expansion of its existing stock broking and corporate finance activities, which commenced in2009.
A statement by the bank said, FCMB (UK) Limited has received approval from the Prudential Regulation Authority, the UK financial services regulator, to carry out deposit taking and commercial banking operations. This represents the next step in FCMB’s plans to further internationalise its activities in the area of commercial banking.
Ladi Balogun, the Chief Executive Officer of the UK banking subsidiary’s parent company, First City Monument Bank expressed delight at the opportunity to offer commercial banking operations in its UK subsidiary.
Balogun said that the development will enable the bank “offer a more complete service to our Nigerian customers engaged in international trade and corporate clients resident in the United Kingdom.
“We look forward to offering the high service standards that our customers have come to expect from us. From our FCMB (UK) base, we will also establish a pan-African financing platform, with special focus on natural resources and related value chains, an area where we have already established a leadership position in Nigeria,” Balogun said.
He also noted that the bank would continue to enhance its UK presence to provide international investors with access to investment opportunities across the African continent.
Through CSL Stockbrokers, FCMB UK currently provides coverage of the major listed companies in Nigeria together with research on economic development and investment strategy.
First City Monument Bank Limited is a full service commercial bank with a strong retail focus. It is a member of FCMB Group, a financial services group with interests in Commercial & Retail banking, Investment banking and Asset Management.